Posted on 03/01/2010 4:32:54 AM PST by Desperado67
In the wake of the Enron, the federal government passed the Sarbanes-Oxley Act of 2002 (commonly known as the SOX Act). The act was actually called the Corporate and Auditing Accountability and Responsibility Act in the House of Representatives. As is well known by now, the purpose of the act was to clean up and further regulate the reporting standards for corporations.
Title III of the SOX Act states that senior executives, primarily the CEOs and CFOs of corporations, take individual responsibility for the accuracy and completeness of their respective corporations’ financial reports. That is where the accountability and responsibility part of the act comes into play. Basically it states that they are liable for the content of their firms’ financial reports whether or not they themselves actually prepared them and/or did the underlying work to prepare the reports.
Apparently a new form of the SOX Act may be necessary for the members of Congress if the scandal currently involving Representative Charles Rangel (D-NY) is any indication.
(Excerpt) Read more at examiner.com ...
Time to drain the swamp wouldn’t you say Nancy?
Right...just as individuals are responsible for their tax filing, no matter if they were prepared for them. But I forget....Congressional (especially ways and means) members are above the laws they make for the "common folk."
They are above all laws apparently.
Exclusively use by libs against conservatives.
Rangel carries the Congressional Black Caucus “Get Out of Jail Free” card. Nothing will happen to him. (See Alcee Hastings.)
I say Rangels behavior calls for a real ethics committee made up of citizens of both parties who judge these people impartially.
The ethics committee as it stand is merely a whitewash agent that should be ashamed of itself.
What is the exact quote?
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